Portugal: Law to implement EU Directive for automatic exchange of financial information
The Portuguese Official Gazette published Law No. 36/2023, effectively transposing EU Directive 2021/514 (DAC7) into national legislation. The directive pertains to the mandatory automatic exchange of information (AEOI) concerning financial accounts.
The law encompasses a range of provisions, including:
- Requiring reporting platform operators to gather information on reportable sellers, both individuals and businesses, and to electronically transmit it to the relevant authority.
- Imposing obligations on financial institutions regarding due diligence and communication of information to the Tax and Customs Authority.
- Introducing electronic registration prerequisites for both reporting financial institutions and reporting platform operators.
- Setting deadlines for data submission and due diligence, outlining recordkeeping mandates, and establishing joint audit procedures.
- Providing guidelines for determining the EU country or jurisdiction of residence of a seller, and facilitating the exchange of information among EU member states.
- Enforcing penalties for infractions such as failure to promptly submit registration statements.
The new law applies retroactively from January 1.
Source: diariodarepublica.pt
